Assembling advisers to help with a sale? Start early, and…

Joe Heider is Ohio regional managing principal at Rehmann Financial's Westlake office and has more than 30 years of experience in retirement, estate, tax and business planning. Rehmann manages more than $2 billion in assets and is one of the largest financial services, accounting and consulting firms in the Midwest.

Selling your business is not a sport you play solo. It requires a team of experts that offer certain skill sets, which ensure that you ultimately win the grand prize: a smooth transition and a substantial windfall. Without a team of specialized and trusted professionals, business owners are left vulnerable to situations that could otherwise be avoided. In one such example, a regional small business owner was in the final stages of a sale. Agreements were signed. At the 11th hour, one of the buyers failed to deliver the funds and wasn't in the position he presented at the start of the transaction. This could have been avoided with the hire of a corporate investigator.When it comes time to sell your business, you will want to consider utilizing professionals such as a certified public accountant, corporate attorney, financial adviser, life insurance consultant, property and casualty insurance adviser and corporate investigative service unit. You may use one firm to provide multiple specialists for your business already, but just as you would not have one physician perform surgery and anesthetics, you should not have one adviser providing multiple discipline solutions. When assembling the team, there are a few items to keep in mind:

Start early. It's never too soon to start researching and vetting experts for your team. Having a plan in place will reduce stress and guarantee a successful transition.

Orchestrate a team meeting to coordinate all parties that will be involved and garner different perspectives on a potential sale.

Have a valuation completed to discover the true market value of your business. Be realistic. This is your business that you worked hard to create; you might have a bias when it comes to value. In order to be fair, use an accredited business valuator.

Determine the structure of the desired sale with your team to understand the nature of tax consequences. Depending on the potential buyer and structure of sale — i.e., installment and/or earnout — utilize the services of a qualified corporate investigator to do an FBI-style background check on a potential purchaser.

Employ a human resources consultant if employees are at risk of losing their jobs after the acquisition. The consultant can prove valuable to navigating these tough waters.

Contract a business broker to act as the intermediary between the seller and buyer. This allows the business owner to focus time on other important matters. The broker also will ensure to move negotiations along and keep emotions in check. Additionally, as you are vetting the experts to hire as part of your team, make sure to ask trusted sources for referrals. Don't be afraid to request references and interview prospective advisers before signing a contract. After all, this is a personal relationship and you want to feel comfortable with the people you are trusting with the sale of your business.Selling the business you worked hard to establish is an important process that you likely get one shot at, so get it right.

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